The Peruvian, Luis Carranza Ugarte, shall assume the position on April 1, 2017 for a period of 5 years and shall succeed Enrique García Rodríguez, who drove CAF's transformation from an Andean subregional institution to one of the main development banks of Latin America.
The Board of Directors of CAF -Development Bank of Latin America- chose Luis Carranza Ugarte by a large majority in an extraordinary meeting as the new Executive President of the institution.
Luis Carranza Ugarte, who shall assume the position on April 1, 2017 for a period of 5 years, is a renowned Peruvian economist who was the Minister of Economy and Finance in his country on two occasions, he also worked at the International Monetary Fund and he was chief economist for Latin America and Emerging Markets of the BBVA in Spain, among others. Today he is the director of the Center of Competitiveness for Development of the San Martín de Porres University.
The president-elect holds a degree in Economy from the Pontifical Catholic University of Peru. He holds a Master's and a Ph.D. from the University of Minnesota.
The Board of Directors of CAF-made up of the Ministries of Economy and Finance, Presidents of Central Banks and top economic authorities-expressed their gratitude to Enrique García Rodríguez for his outstanding administration for the last 25 years, where he led the transformation and growth of CAF from a subregional institution with five member states to a development bank with a Latin American reach and global presence and which has 19 shareholder states to date.
Today, CAF is a leading institution in Latin America and one of the main souces of multilateral financing for the region, with annual approvals that exceed 13 billion dollars for regional development and integration. Furthermore, CAF has established itself as an important think tank with a global vision and a nexus between Latin America and the rest of the world.
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